Sary, B2B e-commerce platform in the MENAP, acquired Mowarrid, an Egyptian B2B marketplace. The acquisition reflects a strategic move for Sary toward its expansion plans throughout the North African markets starting with Egypt, the second-largest economy in Africa, and the third-largest in the Arab world with a $60 billion wholesale and retail trade industry.
The acquisition is the beginning of multiple expansion activities for the company toward its vision to lead the B2B e-commerce in the emerging markets starting with MENAP enabling a regional network to connect buyers and sellers throughout the different markets.
Ahmed Essam founded Mowarrid in 2018 focusing on the B2B food & grocery markets. The company has reached more than 350,000 customers and served over 40,000 businesses in 15 cities across Saudi Arabia moving more than 270,000 pallets of goods across the country.
“We are excited to join forces with Ahmed and the amazing team at Mowarrid, their hyperlocal understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region,” Mohammed AlDossary, Co-Founder and CEO of Sary, commented.
“Since 2018, Mowarrid’s journey has been rewarding by enabling small businesses in Egypt with smarter supply chain solutions. Today, joining forces with Sary to build one stronger entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region. Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start,” Ahmed Essam, Founder and CEO of Mowarrid, commented.
Since its inception, Sary has raised a total of $112 Million in funding after closing its series C round last December, it became the first startup to close a late-stage financing round in Saudi Arabia. The company is expanding toward the region with a focus on building a frictionless experience and leveraging cutting-edge technologies to connect the MSMEs with the biggest international brands and regional players to empower their businesses to grow smartly.
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